US crude oil falls below $70, the lowest since June

Oil prices fell nearly 4% on Wednesday to their lowest settlements since June, as worries about global fuel demand mounted after U.S. data showed a larger-than-expected rise in gasoline inventories.

Brent crude futures settled down $2.90, or 3.8%, at $74.30 a barrel. U.S. WTI crude futures fell by $2.94, or 4.1%, to $69.38 a barrel.

"There is demand destruction coming in from the fuel side," said Dennis Kissler, senior vice president of trading at BOK Financial.

"The market...